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NJ A322

NJ A322
Allows corporation business tax credit for subcontracting work to NJ small businesses.


summary

Introduced
01/09/2024
In Committee
01/09/2024
Crossed Over
Passed
Dead

Introduced Session

2024-2025 Regular Session

Bill Summary

This bill allows taxpayers subject to the corporation business tax to claim a credit against that tax equal to one percent of the amount the taxpayer paid to New Jersey small businesses for subcontracted work. For purposes of the credit, subcontracted work is that work which the taxpayer subcontracts to New Jersey small businesses for performance of all or an element of the taxpayer's own contracted duties. In addition, the subcontracted work must be performed in New Jersey and the subcontractor must have less than 50 employees.

AI Summary

This bill allows taxpayers subject to the corporation business tax to claim a credit against that tax equal to one percent of the amount the taxpayer paid to New Jersey small businesses (those with fewer than 50 employees) for subcontracted work performed in New Jersey. The credit has a cap of 50 percent of the tax liability and cannot reduce the tax liability to an amount less than the statutory minimum. The Director of the Division of Taxation will prescribe the order of priority of the credit and establish procedures for taxpayers to certify their eligibility.

Committee Categories

Business and Industry

Sponsors (3)

Last Action

Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 01/09/2024)

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